Presented here as reported
As reported by The Star/Bernama:
An ex-banker who handled Datuk Seri Najib Razak's accounts at AmBank told the High Court here Monday (July 29) that RM1.13bil was transferred into the former premier's accounts between 2011 and 2013.
On ten occasions during 2011, traders employed by ANZ, which was a member of the relevant panel of submitting banks, engaged in discussions with traders employed by other banks, including other submitting banks, about the submissions that would be made concerning the Malaysian
ringgit 
benchmark rate. On eight occasions during 2011, a trader employed by Macquarie engaged in the same sorts of discussions, though Macquarie was not itself a submitting bank. The traders employed by ANZ and Macquarie attempted to get the traders employed by the other banks to make either high submissions, or low submissions, as the case may be, and thereby manipulate the setting of the Malaysian
ringgit benchmark rate. In so doing, they attempted to make arrangements which indirectly provided for the fixing of the price for Malaysian ringgit forward contracts. That is because the prices of those contracts were essentially determined by reference to the benchmark rates. ANZ, Macquarie and the banks whose traders participated in those discussions were in competition with each other in the market for Malaysian
ringgit forward contracts. The arrangements that the ANZ and Macquarie traders attempted to make with the traders from the other banks therefore contained cartel provisions.ANZ's management of AMBank included provision of forex expertise.
AMBank's business is predominantly in Malaysian Ringgit (MYR). It does appear as if ANZ took breached Australian law in order to handle an extraordinary influx of USD.
END
To be read with:
ANZ chairman David Gonski and board oversaw the movement of money from 1 MDB via Najib’s accounts;Hsien Yang’s presence raises questions about Singapore’s inaction
by Ganesh Sahathevan
While ANZ’s new CEO Shyane Elliot continues to deny that he was on the AMMB board despite the evidence one group of people within the ANZ hierarchy have been happy to literally stay aloof from from their hired help. I refer here to ANZ’s chairman David Gonski and the ANZ board of directors, who include Lee Hsein Yang, brother to Singapore PM Lee Hsien Yang.
The board led by Gonski are ultimately responsible for governance, and Australian laws make it very hard if not impossible for Gonski and his board to play the lord who cannot be held responsible for the misbehavior of his servants.
David Gonski was appointed chairman of ANZ in February 2014.He was among others, a director of Singtel from 2012-2105. Gonski was therefore in charge of the board at the relevant time.
For the December 2014 transaction, former 1MDB subsidiary SRC International Sdn Bhd transferred RM40 million to its subsidiary Gandingan Mentari Sdn Bhd on Dec 24 which was subsequently passed on to Ihsan Perdana Sdn Bhd on the same day.
A total of RM32 million from this amount found its way into two of the Ambank private bank accounts two days later, in two tranches of RM27 million and RM5 million.
Lee Hsien Yang’s membership of the board raises further questions about Singapore’s attempts to make the 1 MDB scandal go away.
END
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